EFFECTIVE INTERNAL CONTROLS AUDIT
Enhancing Assurance and Risk Management through Robust Internal Controls Evaluation
Course Schedule
| Date | Venue | Fees (Face-to-Face) |
|---|---|---|
| 19 – 23 May 2025 | London, UK | USD 3495 per delegate |
Course Introduction
Internal controls are the backbone of organizational integrity, risk management, and financial reporting. Effective internal control audits provide assurance that policies and procedures are working as intended, mitigate fraud, and support regulatory compliance.
This 5-day advanced course is designed to strengthen participants’ skills in planning, executing, and reporting internal control audits. It covers key frameworks such as COSO and ISO 31000, audit risk assessment, control testing, and control deficiencies evaluation. Practical workshops and real-world case studies will equip auditors with proven tools to assess control design and effectiveness in diverse operating environments.
Course Objectives
By the end of this course, participants will be able to:
• Understand the components and objectives of internal control systems
• Plan and conduct internal control audits using a risk-based approach
• Evaluate control design and test operating effectiveness
• Identify and classify control deficiencies and risks
• Report audit findings and recommend actionable improvements
Key Benefits of Attending
• Master globally accepted control frameworks such as COSO and ISO
• Strengthen your ability to detect control weaknesses and compliance gaps
• Enhance assurance over financial, operational, and compliance controls
• Deliver high-value insights to management and stakeholders
• Learn practical control testing strategies and documentation techniques
Intended Audience
This program is designed for:
• Internal auditors and audit managers
• Risk and compliance professionals
• Financial controllers and accountants
• Governance and assurance officers
• Anyone involved in internal control design or evaluation
Individual Benefits
Key competencies that will be developed include:
• Understanding of internal control systems and frameworks
• Control identification, mapping, and walkthrough execution
• Design vs operating effectiveness assessment techniques
• Documentation of control gaps and audit evidence
• Reporting and communication of audit results
Organization Benefits
Upon completing the training course, participants will demonstrate:
• Improved quality and consistency of internal audits
• Enhanced detection of operational and compliance risks
• More effective risk-based planning and audit resource allocation
• Stronger internal governance and control environment
• Support for regulatory compliance and external audit readiness
Instructional Methdology
The course follows a blended learning approach combining theory with practice:
• Framework Briefings – COSO, ISO 31000, and SOX
• Real-World Case Studies – Internal control failures and remediations
• Workshops – Risk/control mapping, walkthroughs, and testing plans
• Simulation Exercises – End-to-end internal control audit scenario
• Templates & Tools – Control matrices, audit programs, and risk registers
Course Outline
Training Hours: 7:30 AM – 3:30 PM
Daily Format: 3–4 Learning Modules | Coffee Breaks: 09:30 & 11:15 | Lunch Buffet: 01:00 – 02:00
Day 1: Foundations of Internal Control and Audit Standards
Module 1: Principles and Components of Internal Control (07:30 – 09:30)
• Control objectives, types, and layers
• The COSO internal control framework
• Role of internal controls in governance and assurance
Module 2: Risk-Based Internal Control Auditing (09:45 – 11:15)
• Risk assessment and audit universe
• Materiality and risk prioritization
Module 3: Introduction to Control Mapping and Documentation (11:30 – 01:00)
• Flowcharts, RCMs (Risk & Control Matrices), and narratives
• Control design walkthroughs
Module 4: Workshop – Map Controls for a Key Business Process (02:00 – 03:30)
• Participants develop a simple RCM for a procurement process
Day 2: Evaluating Control Design and Operating Effectiveness
Module 5: Assessing Control Design Adequacy (07:30 – 09:30)
• Design testing methods
• Preventive vs detective control analysis
Module 6: Testing Operating Effectiveness (09:45 – 11:15)
• Sampling techniques and test strategies
• Attributes testing and re-performance
Module 7: Controls Over Key Risk Areas (11:30 – 01:00)
• Financial reporting, IT, HR/payroll, procurement, and compliance controls
Module 8: Workshop – Conduct a Control Effectiveness Test (02:00 – 03:30)
• Simulate testing of AP controls and document results
Day 3: Control Deficiencies, Risk, and Root Cause Analysis
Module 9: Identifying and Classifying Control Failures (07:30 – 09:30)
• Deficiency, significant deficiency, and material weakness
• Examples from audit findings and regulatory cases
Module 10: Root Cause Analysis for Control Issues (09:45 – 11:15)
• Causes: policy gaps, process flaws, training issues, culture
• Tools: 5 Whys, Fishbone Diagrams
Module 11: Linking Findings to Risk and Business Impact (11:30 – 01:00)
• Assigning risk ratings
• Alignment with enterprise risk frameworks
Module 12: Workshop – Analyze and Classify Control Weaknesses (02:00 – 03:30)
• Group review of audit findings and impact assessments
Day 4: Audit Execution, Communication, and Reporting
Module 13: Internal Control Audit Planning (07:30 – 09:30)
• Scoping and resource planning
• Engagement letter, timelines, and stakeholder roles
Module 14: Gathering and Retaining Audit Evidence (09:45 – 11:15)
• Evidence attributes and documentation standards
• Workpaper quality and review
Module 15: Reporting Findings and Recommendations (11:30 – 01:00)
• Format, tone, and action-oriented recommendations
• Follow-up tracking systems
Module 16: Workshop – Draft an Internal Controls Audit Report (02:00 – 03:30)
• Group activity based on case data
Day 5: Special Topics and Future-Focused Internal Control Auditing
Module 17: Auditing Automated and IT-Dependent Controls (07:30 – 09:30)
• ERP controls, data access, system interfaces
• Testing configurations and logic
Module 18: Controls in ESG, Cybersecurity, and Third-Party Risk (09:45 – 11:15)
• New risk areas and evolving audit roles
• Sustainability disclosures and cyber hygiene
Module 19: Continuous Auditing and Data Analytics (11:30 – 01:00)
• CAATs (Computer-Assisted Audit Techniques)
• Dashboards and automated alerts
Module 20: Capstone Simulation – Audit End-to-End Business Cycle (02:00 – 03:30)
• Teams perform full audit cycle simulation with reporting
Certification
Participants will receive a Certificate of Completion in Effective Internal Controls Audit, validating their proficiency in assessing, testing, and reporting on internal control systems using globally recognized audit frameworks and best practices.